LITTLE ROCK — JPMorgan Chase & Co. shook up the leadership of its investment bank, surprising analysts by announcing the immediate departure of Co-Chief Executive Officer William "Bill" Winters and naming asset-management chief Jes Staley to run the business.
Steve Black, who helped lead the investment bank with London-based Winters, will become executive chairman of the unit, the New York-based bank said Tuesday.
Staley will be CEO of the business and Mary Callahan Erdoes, CEO of the private bank, will succeed Staley in running asset management.
JPMorgan Chairman and CEO Jamie Dimon is changing the only management team among the six biggest U.S. banks to weather the credit crisis without a quarterly loss.
Business, Pages 26 on 09/30/2009